The US Securities & Exchange Commission (SEC) is calling on US company preparers to ramp up their plans to implement the new semi-converged global accounting standards on leases and revenue recognition, due to come into force by 2019, to minimise disruption to accounting and financial reporting

The reduced disclosure reporting in FRS 101 Reduced Disclosure Framework has a number of advantages over full-blown FRS 102, particularly for subsidiaries of groups. Helen Lloyd FCA assesses the pros and cons of opting for this approach

The latest in accounting: Government accounting officers fail to question value for money, new rules for accounts filed at Companies House and charity regulator kicks off extended SORP consultation

Changes to the valuation hierarchy for pensions and new disclosure requirements under amended Pension SORP rules need to be reviewed, says Shona Harvie, pensions fund audit partner at Crowe Clark Whitehill

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has released its annual report for 2015, described as a ‘challenging year’ with falling income following a big drop in the US contribution and growing criticism over governance, although the finalisation of the lease accounting standard was a sign of some progress on convergence

The Competition and Markets Authority (CMA)  has proposed a  package of measures to deliver better banking services to SMEs as part of its provisional decision on remedies to reform retail banking, designed to improve competition and get a better deal for customers, which include encouraging accountants to provide more advice on choice of bank account and sources of funding

If you are involved in corporate finance or similar activities then you might be surprised by how big an impact new UK GAAP - FRS 102 accounting rules - can have on your deals, particularly hitting entities moving to FRS 102 or FRS 101, says Julia Penny FCA, divisional director at SWAT

In this month’s roundup of developments in accounting and financial reporting, FRC calls for feedback on implementation problems with FRS 102, EU non-financial reporting too prescriptive, charitable incorporated organisation (CIO) status and IASB amends IFRS 15 Revenue Recognition standard

Changes to lease accounting under the new IFRS 16 Leases will create more balance sheet transparency in the automotive sector, but there will be significant upheaval in terms of reporting practice, say Armaghan Haq, head of accounting policy, retail, Lloyds Banking Group and Paul Lippitt, principal consultant, fleet, Lex Autolease

The US Financial Accounting Standards Board (FASB) has issued amendments to the new US GAAP revenue recognition standard, Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), focusing on changes to performance obligations and licensing, following similar amendments to IFRS 15 announced earlier this month

The Financial Reporting Council (FRC) has issued updated guidance for non-listed companies on the going concern basis of accounting for directors of companies which do not apply the UK corporate governance code to reflect that small and micro entities no longer need to comply

ICAEW is calling on the accounting standard setter, the Financial Reporting Council (FRC), to provide greater clarity over the process for applying FRS 101 Reduced Disclosure Framework, saying there is too much uncertainty surrounding the requirement for qualifying entities to notify shareholders before applying the standard under the new UK GAAP rules